The cost with purchase a property;
This is a tax you have to pay when buying a property - at the moment this amounts to 9% to 10% of the purchase price - and this must be paid at the notary, if the transaction has taken place. If the buyer not need a mortgage, these costs are lower (+/- 7%).
PLUSVALIA = VALUE
This tax is paid only when performing the sales transaction, and the law clearly indicates that this must be paid by the seller of the property.
IBI = MUNICIPAL TAX
This is a tax levied by the municipality and must be paid once a year. The amount is determined (appraised value) by the municipality.
- If no mortgage needed, this amount would be about 7% (cost of purchase, Notary, taxes and registrations)
- If you do need a mortgage with this purchase, this is about 9% to 10% (cost of purchase, mortgage, Notary, taxes and registrations)
Keep in mind that most Spanish banks to non-residents of Spain, up to 65 to 70% of the appraised value to be able to provide mortgage.
Costs for a Spanish mortgage:
- 1% Aflsuitprovisie.
- Notary fees for preparing the mortgage.
- Fees for the registration of the mortgage.
- Administration fees for the processing of all documents.
- Registration tax for the registration of the mortgage.
This information is for guidance only and is not a substitute for proper legal advice!